Geldordnung, Geldschöpfung und Staatsfinanzierung

Gudehus Timm ()
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Gudehus Timm: Strandweg, 54, 22587 Hamburg

Zeitschrift für Wirtschaftspolitik, 2013, vol. 62, issue 2, 194-224

Abstract: The current paper analyses the different kinds of money creation and their contribution to state funding. It shows that profits and beneficiaries of money creation depend on the monetary order and on the accounting rules of the central bank. Due to the possibility to create scriptural money by credit in almost unlimited quantity today the main beneficiaries of the creation of money are the commercial banks. If in a new monetary order, the right to create money in limited quantity is transferred exclusively to the central bank and its accounting rules are properly adapted, substantial conversion profits arise which can be used to pay off the major part of the public debt and to fund the state without affecting monetary stability. To demonstrate the possible effects the conversion profits and future profits of money creation are calculated for the Euro-system from the consolidated balance sheet 2010.

Keywords: money creation; monetary order; public dept; 100 %-money; central bank’s balance sheet; Geldschöpfung; Geldordnung; Staatsschulden; Vollgeld; Zentralbankbilanz; money creation; monetary order; public dept; 100 %-money; central bank’s balance sheet (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1515/zfwp-2013-0208

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